The U.S. Government recently transferred over $2 billion worth of Bitcoin (BTC) from the cache seized from the Silk Road dark web marketplace.
This transfer is one of the largest Bitcoin movements by the government in recent history and has caused a stir in the market.
Arkham Intelligence data reveals the transfer is associated with the wallet labeled “U.S. Government: Silk Road DOJ Confiscated Funds (bc1qj).” This wallet moved roughly 29,800 BTC.
The first transfer involved 27,799 BTC, while the second was a smaller transfer of 0.001 BTC to a different wallet.
Despite the transparency provided by on-chain data, the motives behind these transfers remain unclear. This action by the U.S. Government follows the German Government’s recent conclusion of its Bitcoin selloff.
Bitcoin climbed above $64,000 following the Federal Reserve’s unexpected 50 basis point rate cut, marking its first reduction in four years.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.
For the first time in 4 years, Fed cut the rates for the first time in 4 years, which lead to a notable surge in cryptocurrency prices.
Donald Trump, the Republican presidential nominee, made headlines by becoming the first former U.S. president to make a Bitcoin transaction.